Luanda, Nov. 7 (Lusa) – Angola’s Institute of Internal Auditors (IIA) on Wednesday said fraud and corruption had worsened the country’s financial crisis and called for the auditor’s “strong base” to “mobilise” society.
The head of IIA Angola, Ladislau Ventura, told journalists on the sidelines of an annual conference on auditing that it was “vital” to correct “incorrect conducts”, especially at a corporate level.
“We know we are still undergoing a crisis, we remember how the world crisis began,” the Ventura said. “In 2008, there were claims it wouldn’t affect Angola. But among the various factors that led to the crisis, fraud and corruption are the most relevant.”
Angola has been plunged in a financial crisis since oil’s mid-2014 price crash.
The government has introduced several policy changes including relaxing currency rules since João Lourenço came into power in September, putting an end to almost four decades of José Eduardo Dos Santos’ repressive rule and pledging to revive the economy and tackle corruption.
Angola sought help from the International Monetary Fund after growth was poorer than expected this year.
According to World Bank figures reported by Lusa recently, Angola ended 2017 with public debt equivalent to more than 71% of its gross domestic product (GDP).
DYAS/MWYP // ADB.
Lusa